Sell USDINR MAR @ 93.7 SL 93.9 TGT 93.5-93.3. - Kedia Advisory
USDINR
SELL USDINR MAR @ 93.7 SL 93.9 TGT 93.5-93.3.
Observations
USDINR trading range for the day is 92.81-94.57.
Rupee fell to a record low pressured by a sustained rise in oil prices amid mounting Middle East conflict
India's foreign exchange reserves fell to $709.76 billion, as of March 13, the lowest since mid-January and down about $7.7 billion week-on-week.
Market participants are now awaiting preliminary purchasing managers’ index data for further insight into economic activity amid ongoing uncertainty.
EURINR
SELL EURINR MAR @ 108.6 SL 108.9 TGT 108.3-108.
Observations
EURINR trading range for the day is 107.67-109.07.
Euro pared losses after reports of de-escalation US Iran war.
Traders intensified bets on ECB tightening, now pricing in at least three rate hikes in 2026.
Joachim Nagel hinted at a potential April rate hike if inflation pressures worsen, while Villeroy de Galhau reaffirmed the ECB’s commitment to act decisively.
GBPINR
SELL GBPINR MAR @ 125.6 SL 125.9 TGT 125.3-125.
Observations
GBPINR trading range for the day is 124.63-125.99.
GBP settled flat as investors piled into the US dollar, bracing for a potential escalation in the Middle East conflict.
Markets now anticipate four BoE rate hikes in 2026, a dramatic shift from pre-war expectations of two cuts, as policymakers prioritize inflation control.
Focus this week turns to February CPI, retail sales, March PMI, and consumer confidence data, which could further shape the central bank’s response to the deepening crisis.
JPYINR
SELL JPYINR MAR @ 59.1 SL 59.3 TGT 58.9-58.7.
Observations
JPYINR trading range for the day is 58.65-59.43.
JPY dropped struggling to find footing against a dollar in the shadow of the Iran conflict.
Japan's Mimura said that the government is prepared to take any measures on all fronts to tackle volatility in foreign exchange markets.
Bank of Japan kept its policy rate steady but signaled a bias toward tighter monetary policy to counter inflationary pressures.
